World's top 5 expensive cities to live in
The list has been compiled by analysing the cost of residential property, cars, airfare, business school and other luxuries.
A list of the world’s most expensive cities to live in has been released. In these cities, the surging prices of luxury items over the past year have taken a bite out of the ultra-rich people’s vast purchasing power.
A report by Julius Baer on global wealth and lifestyle ranks the world's most expensive cities by analysing the cost of residential property, cars, airfare, business school and other luxuries.
The report which was released on Wednesday examines the lifestyles of high-net-worth individuals (HNWIs) across the globe using a basket of goods and services that reflect their consumption patterns.
Here are the world’s top five most expensive cities to live in:
London took second place from Tokyo, which plunged to the eighth spot. London is a popular city for expats from all over the world.
Taipei, the capital city of Taiwan, has a reputation for being a desirable place to live. However, it is the third most expensive city to live in.
Hong Kong has now become the fourth most expensive city to live in, according to Julius Baer's report. The lack of space in the city affects the housing prices as well as other practicalities such as driving.